When you’re making one of the biggest purchases of your life, you want a team of professionals to support you every step of the way. This is where a mortgage broker can benefit your home buying experience.
What does a mortgage broker do?
A mortgage broker is a licensed professional who recommends the best mortgage options for their clients. They’re able to guide you through the mortgage process and provide expert advice every step of the way. They have extensive product knowledge in knowing what type of mortgage will suit your needs. A good mortgage broker will educate you as they take you through a large, important and complex transaction.
Mortgage Specialists versus Mortgage Brokers
Mortgage specialists are employed by a lending institution, such as a bank, to sell that lender’s mortgage products. If you already have services set-up with that bank, you’ll have less paperwork since they are already familiar with your credit history. However, homeowners may end up with fewer product choices and features or a higher interest rate because they need to negotiate for themselves.
Mortgage brokers belong to a brokerage and have access to multiple lenders. With access to more mortgage products, brokers can help you find the best mortgage for your needs. They also require ongoing accreditation education to maintain their licenses.
What’s the best mortgage for me?
Finding the right mortgage is about more than finding the lowest rate. Other things to consider are term, payment flexibility, restrictions, and qualifying with no income verification (self-employment). Your mortgage broker will work with you, and consider these things and more when recommending the right mortgage for you.
Do I need to pay my mortgage broker?
No, mortgage brokers receive a commission by the lender! There are typically no added fees on your end to use a mortgage broker to apply for a mortgage.
How do I find a broker?
A good mortgage broker will have your best interest in mind and take the time to explain the details of your mortgage. Visit the Find a Mortgage Broker tool to find a mortgage broker in your area.